Hello all,
Just thought I'd provide an update. I started using a weekly variation of the original strategy a few weeks ago. The first two weeks were highly successful, and I won 100% of my trades. However, the third week (which happened around 2 weeks ago) had 20 winners and 7 trades that have been floating for around 2 weeks now in the negative.
I was systematically increasing my lot size each week to try to create a snowball effect; however, the 7 floating negative trades have prevented me from trading for awhile (I could not risk opening 27 new trades with these trades floating negative as I'm on a small live account).
So, what to conclude from this? Well, I think the big thing is that I need to put in a stop loss. The question is: What S/L should I use? So far, I see two other primary strategies talked about on this thread: Daily charts and monthly charts.
Daily charts: 10 T/P, 100 S/L
Monthly charts: 60 T/P, 100 S/L
Interesting that both of these strategies are using a 100 pip S/L. I aim for 20 T/P using the weekly charts. I think I will try out 3 different S/L in the future: 50 S/L, 80 S/L, and 100 S/L. These seem reasonable to me.
I still strongly believe in this method. It's just the business of handling our losers. On that note, I'd like to remind everyone about an idea I had several weeks ago. The idea is this: If a trade goes X amount of pips against you, you close that order and place a new order in the opposite direction. You then have a few options:
a) You set the T/P to a break even point, so that it cancels out the prior loss.
b) You set the trade using a doubled lot size, and aim for the same T/P as the prior loss (which would have the same effect as if the trade had won originally).
c) You set the trade using the same lot size, but use no T/P and close it at the end of the week. The idea here is that the trade might run a long ways in your favor and you could use this strategy to capitalize on it.
Many pips to everyone as we figure this out together!
Just thought I'd provide an update. I started using a weekly variation of the original strategy a few weeks ago. The first two weeks were highly successful, and I won 100% of my trades. However, the third week (which happened around 2 weeks ago) had 20 winners and 7 trades that have been floating for around 2 weeks now in the negative.
I was systematically increasing my lot size each week to try to create a snowball effect; however, the 7 floating negative trades have prevented me from trading for awhile (I could not risk opening 27 new trades with these trades floating negative as I'm on a small live account).
So, what to conclude from this? Well, I think the big thing is that I need to put in a stop loss. The question is: What S/L should I use? So far, I see two other primary strategies talked about on this thread: Daily charts and monthly charts.
Daily charts: 10 T/P, 100 S/L
Monthly charts: 60 T/P, 100 S/L
Interesting that both of these strategies are using a 100 pip S/L. I aim for 20 T/P using the weekly charts. I think I will try out 3 different S/L in the future: 50 S/L, 80 S/L, and 100 S/L. These seem reasonable to me.
I still strongly believe in this method. It's just the business of handling our losers. On that note, I'd like to remind everyone about an idea I had several weeks ago. The idea is this: If a trade goes X amount of pips against you, you close that order and place a new order in the opposite direction. You then have a few options:
a) You set the T/P to a break even point, so that it cancels out the prior loss.
b) You set the trade using a doubled lot size, and aim for the same T/P as the prior loss (which would have the same effect as if the trade had won originally).
c) You set the trade using the same lot size, but use no T/P and close it at the end of the week. The idea here is that the trade might run a long ways in your favor and you could use this strategy to capitalize on it.
Many pips to everyone as we figure this out together!
I am NOT an expert. I post to learn from others.
Best of luck and Green pips to all.
